Gold hits fresh 6-week highs, then retreats

Dhwani Mehta FXStreet

A renewed uptick in the yellow metal appears to have lost steam at higher levels, now pushing the prices back towards the familiar ranges around $ 1185 levels.

Gold eyes on $ 1200 mark

Currently, gold trades almost unchanged at $ 1185.15, having posted fresh multi-week highs at 1187.35. Gold reverses most gains as the greenback stalls its selling spiral against its main competitors seen over the last hours. While a minor-recovery staged by the Asian equities also curb the demand for gold as a safe-haven asset.

Earlier on the day, gold rallied to the highest levels since Nov 30, in response to some aggressive broad based selling seen in the US dollar.

Looking ahead, while markets digest softer Chinese CPI data; gold will continue to closely track the USD price-action ahead of the US JOLTS job openings release.

Comex Gold Technical Levels

The metal has an immediate resistance at 1187.35 (6-week high) and 1200 (round figure). Meanwhile, the support stands at 1178.10 (5-DMA) below which doors could open for 1170.77 (50-DMA).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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